The Phelps County Board of Equalization rejected two property assessment appeals on Wednesday. The first property assessment appeal was filed on behalf of Kohl's Department Store located at 2200 N. Bishop Ave., Rolla.
The Phelps County Board of Equalization rejected two property assessment appeals on Monday. The first property assessment appeal was filed on behalf of Kohl's Department Store located at 2200 N. Bishop Ave., Rolla.
County Assessor Bill Wiggins had set a valuation of Kohl's for the 2014 tax year at $309,800.
The appeal filed by John Lentell, an attorney for Kohl's, states, "The value assessed by the county is greater than the fair market value of the property." He opined that the market value as of Jan. 1, 2014 is $263, 998.
Kohl's made a similar appeal last year.
Wiggins stated that Kohl's appeal be rejected. He noted that Kohl's used poor and inconsistent methodology.
"Lacking substantial and persuasive evidence of the true value of money, I (Bill Wiggins) ask you to affirm the certified assessed value of the subject property," he stated.
All five members of the board of equalization approved to keep the assessed value as stated. The board included Presiding Commissioner Randy Verkamp, District One Commissioner Larry Stratman, District Two Commissioner, Gary Hicks and citizen representatives Gene Gaddy, retired commercial loan officer and bank president and Harold Bennish, retired commercial developer, contractor and property owner and manager.
72 Center LLC appeal
The other appeal made Tuesday was from 72 Center LLC. Located at 1204 E. Highway 72 in Rolla the property is mainly office suites with a few commercial business units.
The certified market value of this property as established by the Phelps County Assessor Bill Wiggns for the 2014 tax year was set at $2, 382,000.
Dick Millspaugh a property tax representative of Savage and Browning based in Overland Park, Kan. and representing 72 Center LLC. gave his opinion that property tax was valued at $1,050,000.
According to Wiggins, Savage and Browning did little to no research to substantiate their more than $1, 330, 000 difference in property valuation appeal.
Wiggins stated, "They provided no market rent rates, used differing income variables within separate submissions to myself and the board, used incorrect methodology with respect to the income approach calculation and could not explain their information with any detail or substantiation."
Wiggins noted that he and his office is always willing to discuss valuation or equalization issues with the property owner or their representative. However, attempts by him and his to indicted these shortfall to these property owners in the weeks proceeding Monday's Board of Equalizations hearing resulted in no explanation.
The property owners have 30 days from the receipt of notice of the board’s actions to appeal to the State Tax Commission.